Credo Technology Group (NASDAQ:CRDO) Shares Gap Up - Here's What Happened

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $80.02, but opened at $83.75. Credo Technology Group shares last traded at $77.96, with a volume of 1,205,805 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Craig Hallum raised their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, December 3rd. Bank of America upgraded Credo Technology Group from an "underperform" rating to a "buy" rating and lifted their target price for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. Barclays lifted their target price on Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a report on Friday. The Goldman Sachs Group raised their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, January 10th. Finally, Mizuho raised their price target on Credo Technology Group from $70.00 to $85.00 and gave the stock an "outperform" rating in a research note on Friday, January 10th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $76.40.

Credo Technology Group Stock Performance

The company has a 50 day moving average of $63.55 and a two-hundred day moving average of $43.50. The stock has a market capitalization of $13.63 billion, a PE ratio of -543.47 and a beta of 2.11.

Insider Buying and Selling

In other news, CEO William Joseph Brennan sold 143,880 shares of the company's stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $67.65, for a total value of $9,733,482.00. Following the sale, the chief executive officer now owns 2,370,858 shares in the company, valued at $160,388,543.70. This represents a 5.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $47.37, for a total value of $2,605,350.00. Following the completion of the sale, the chief technology officer now owns 8,728,602 shares in the company, valued at $413,473,876.74. The trade was a 0.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,133,804 shares of company stock worth $77,653,092 in the last ninety days. 16.04% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds have recently bought and sold shares of CRDO. Swedbank AB boosted its position in Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company's stock worth $101,650,000 after purchasing an additional 2,961,454 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company's stock valued at $120,627,000 after purchasing an additional 1,660,230 shares during the last quarter. FMR LLC increased its holdings in shares of Credo Technology Group by 731.6% in the third quarter. FMR LLC now owns 1,152,361 shares of the company's stock valued at $35,493,000 after purchasing an additional 1,013,789 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock valued at $404,797,000 after purchasing an additional 909,578 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company's stock worth $88,188,000 after acquiring an additional 705,512 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.